-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      name:  <unnamed>
       log:  C:\Users\knm4642\Dropbox\Nha Meo Heo Beo\_JMP\WORKING FOLDER\Table A18_Effect on future performance.log
  log type:  text
 opened on:  18 Feb 2026, 23:56:40

. 
. //PREPARE DATA
. use "CEO transition event sample.dta", clear

. * set globals
. global firm = "firmage firmage2 ash_xrd"

. global ceo = "gender age age2 yrinco i.education"

. global eventsample = "!bothnonUS"

. global cluster = "mainethcode"

. 
. 
. //PREPARE TABLE
. * PANEL A:
. eststo clear 

. eststo col1: /// future sales
>         reghdfe f2logsale c.trust_sd##c.resqual ${firm} ${ceo} if ${eventsample}, ///
>         a(eventid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)
note: resqual is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)

HDFE Linear regression                            Number of obs   =     17,873
Absorbing 2 HDFE groups                           F(  12,     33) =      42.34
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9649
                                                  Adj R-squared   =     0.9598
                                                  Within R-sq.    =     0.0302
Number of clusters (mainethcode) =         34     Root MSE        =     0.4907

                                   (Std. err. adjusted for 34 clusters in mainethcode)
--------------------------------------------------------------------------------------
                     |               Robust
           f2logsale | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
            trust_sd |  -.0361679   .0173091    -2.09   0.044    -.0713834   -.0009523
             resqual |          0  (omitted)
                     |
c.trust_sd#c.resqual |   .0450339   .0140494     3.21   0.003     .0164501    .0736177
                     |
             firmage |  -.0361756   .0056099    -6.45   0.000    -.0475891   -.0247621
            firmage2 |  -.0004769   .0000779    -6.12   0.000    -.0006353   -.0003185
             ash_xrd |   .1262517   .0266626     4.74   0.000     .0720062    .1804971
              gender |   .0164909   .0504179     0.33   0.746     -.086085    .1190669
                 age |   .0212883   .0097559     2.18   0.036     .0014399    .0411368
                age2 |  -.0001987   .0000851    -2.33   0.026    -.0003719   -.0000255
              yrinco |  -.0001272   .0009249    -0.14   0.891    -.0020089    .0017544
                     |
           education |
                  2  |  -.0013479   .0629768    -0.02   0.983    -.1294752    .1267793
                  3  |  -.0295569    .065941    -0.45   0.657    -.1637149    .1046011
                  4  |   .0792587   .0582496     1.36   0.183     -.039251    .1977684
                     |
               _cons |   6.666553   .2796239    23.84   0.000     6.097653    7.235452
--------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     eventid |      2229           0        2229     |
        year |        13           1          12     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct eventid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 eventid |      17873       2229

.                 eststo col1, add(noevents r(ndistinct))
(e(noevents) = 2229 added)

. eststo col2: /// future employment
>         reghdfe f2logemp c.trust_sd##c.resqual ${firm} ${ceo} if ${eventsample}, ///
>         a(eventid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)
note: resqual is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)

HDFE Linear regression                            Number of obs   =     17,684
Absorbing 2 HDFE groups                           F(  12,     33) =      18.78
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9759
                                                  Adj R-squared   =     0.9724
                                                  Within R-sq.    =     0.0318
Number of clusters (mainethcode) =         34     Root MSE        =     0.3756

                                   (Std. err. adjusted for 34 clusters in mainethcode)
--------------------------------------------------------------------------------------
                     |               Robust
            f2logemp | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
            trust_sd |  -.0347802   .0125587    -2.77   0.009    -.0603311   -.0092292
             resqual |          0  (omitted)
                     |
c.trust_sd#c.resqual |   .0348139    .009573     3.64   0.001     .0153374    .0542904
                     |
             firmage |  -.0228132   .0053976    -4.23   0.000    -.0337947   -.0118317
            firmage2 |  -.0004193   .0000689    -6.08   0.000    -.0005596   -.0002791
             ash_xrd |   .0849338   .0241057     3.52   0.001     .0358903    .1339773
              gender |  -.0741431   .0378046    -1.96   0.058    -.1510571    .0027709
                 age |    .018934   .0058582     3.23   0.003     .0070154    .0308526
                age2 |  -.0001891   .0000533    -3.55   0.001    -.0002976   -.0000806
              yrinco |   .0009152   .0008314     1.10   0.279    -.0007762    .0026066
                     |
           education |
                  2  |  -.0064121   .0594644    -0.11   0.915    -.1273935    .1145692
                  3  |  -.0230374   .0556141    -0.41   0.681    -.1361851    .0901103
                  4  |     .05874   .0576281     1.02   0.315    -.0585052    .1759851
                     |
               _cons |    1.01403   .2559306     3.96   0.000     .4933351    1.534725
--------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     eventid |      2216           0        2216     |
        year |        13           1          12     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct eventid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 eventid |      17684       2216

.                 eststo col2, add(noevents r(ndistinct))
(e(noevents) = 2216 added)

. eststo col3: /// future capital
>         reghdfe f2logcapital c.trust_sd##c.resqual ${firm} ${ceo} if ${eventsample}, ///
>         a(eventid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)
note: resqual is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)

HDFE Linear regression                            Number of obs   =     16,584
Absorbing 2 HDFE groups                           F(  12,     33) =      36.76
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9703
                                                  Adj R-squared   =     0.9658
                                                  Within R-sq.    =     0.0119
Number of clusters (mainethcode) =         34     Root MSE        =     0.5167

                                   (Std. err. adjusted for 34 clusters in mainethcode)
--------------------------------------------------------------------------------------
                     |               Robust
        f2logcapital | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
            trust_sd |  -.0241519   .0240644    -1.00   0.323    -.0731113    .0248075
             resqual |          0  (omitted)
                     |
c.trust_sd#c.resqual |   .0006833   .0131115     0.05   0.959    -.0259924    .0273589
                     |
             firmage |    -.04763    .014552    -3.27   0.002    -.0772364   -.0180237
            firmage2 |  -.0001354   .0000834    -1.62   0.114     -.000305    .0000342
             ash_xrd |   .0921662   .0192694     4.78   0.000     .0529623    .1313701
              gender |  -.0152223   .0503642    -0.30   0.764     -.117689    .0872444
                 age |   .0041172   .0135417     0.30   0.763    -.0234336    .0316679
                age2 |  -.0000392   .0001218    -0.32   0.750     -.000287    .0002086
              yrinco |   .0001788   .0012606     0.14   0.888     -.002386    .0027435
                     |
           education |
                  2  |   .0951523   .0929535     1.02   0.313     -.093963    .2842677
                  3  |   .0866487   .0995172     0.87   0.390    -.1158206     .289118
                  4  |   .1773337   .0929559     1.91   0.065    -.0117864    .3664538
                     |
               _cons |   5.729359    .471287    12.16   0.000     4.770518      6.6882
--------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     eventid |      2142           0        2142     |
        year |        13           1          12     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct eventid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 eventid |      16584       2142

.                 eststo col3, add(noevents r(ndistinct))
(e(noevents) = 2142 added)

. eststo col4: /// future TFP (computed from K, L)
>         reghdfe f2TFP_KL c.trust_sd##c.resqual ${firm} ${ceo} if ${eventsample}, ///
>         a(eventid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)
note: resqual is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)

HDFE Linear regression                            Number of obs   =     17,125
Absorbing 2 HDFE groups                           F(  12,     33) =       6.04
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7697
                                                  Adj R-squared   =     0.7359
                                                  Within R-sq.    =     0.0025
Number of clusters (mainethcode) =         34     Root MSE        =     0.3721

                                   (Std. err. adjusted for 34 clusters in mainethcode)
--------------------------------------------------------------------------------------
                     |               Robust
            f2TFP_KL | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
            trust_sd |   .0035028    .012688     0.28   0.784    -.0223113    .0293168
             resqual |          0  (omitted)
                     |
c.trust_sd#c.resqual |   .0131411   .0108608     1.21   0.235    -.0089553    .0352376
                     |
             firmage |   .0010344   .0080078     0.13   0.898    -.0152576    .0173263
            firmage2 |  -.0000726   .0000298    -2.44   0.020    -.0001332    -.000012
             ash_xrd |    .027102   .0122332     2.22   0.034     .0022134    .0519905
              gender |   .0091125   .0215863     0.42   0.676    -.0348052    .0530302
                 age |   .0091342   .0085782     1.06   0.295    -.0083182    .0265867
                age2 |  -.0000788   .0000754    -1.05   0.303    -.0002322    .0000746
              yrinco |  -.0008141   .0005982    -1.36   0.183    -.0020311    .0004028
                     |
           education |
                  2  |  -.0219801   .0166398    -1.32   0.196     -.055834    .0118737
                  3  |  -.0422935   .0217842    -1.94   0.061    -.0866138    .0020269
                  4  |  -.0069072   .0237113    -0.29   0.773    -.0551482    .0413338
                     |
               _cons |  -.1244094   .3294774    -0.38   0.708    -.7947362    .5459175
--------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     eventid |      2168           0        2168     |
        year |        13           1          12     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct eventid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 eventid |      17125       2168

.                 eststo col4, add(noevents r(ndistinct))
(e(noevents) = 2168 added)

. eststo col5: /// future TFP (computed from K, L, M)
>         reghdfe f2TFP_KLM c.trust_sd##c.resqual ${firm} ${ceo} if ${eventsample}, ///
>         a(eventid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 8 iterations)
note: resqual is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)

HDFE Linear regression                            Number of obs   =      7,660
Absorbing 2 HDFE groups                           F(  12,     31) =      12.90
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7338
                                                  Adj R-squared   =     0.6724
                                                  Within R-sq.    =     0.0074
Number of clusters (mainethcode) =         32     Root MSE        =     0.3999

                                   (Std. err. adjusted for 32 clusters in mainethcode)
--------------------------------------------------------------------------------------
                     |               Robust
           f2TFP_KLM | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
            trust_sd |  -.0039305   .0263711    -0.15   0.882    -.0577146    .0498537
             resqual |          0  (omitted)
                     |
c.trust_sd#c.resqual |   .0323865   .0174622     1.85   0.073     -.003228     .068001
                     |
             firmage |   .0117749   .0206911     0.57   0.573    -.0304248    .0539747
            firmage2 |   .0000672   .0000872     0.77   0.446    -.0001106     .000245
             ash_xrd |   .0589815   .0203139     2.90   0.007      .017551    .1004121
              gender |   .0014772   .0351669     0.04   0.967    -.0702461    .0732004
                 age |   .0170712   .0091947     1.86   0.073    -.0016815    .0358238
                age2 |  -.0001297   .0000775    -1.67   0.104    -.0002877    .0000283
              yrinco |  -.0015476   .0009797    -1.58   0.124    -.0035458    .0004506
                     |
           education |
                  2  |  -.0113358   .0204737    -0.55   0.584    -.0530922    .0304206
                  3  |  -.0484158   .0252479    -1.92   0.064    -.0999093    .0030777
                  4  |  -.0044937   .0323362    -0.14   0.890    -.0704439    .0614565
                     |
               _cons |  -.8106354   .5997308    -1.35   0.186    -2.033795    .4125237
--------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     eventid |      1414           0        1414     |
        year |        13           1          12     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct eventid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 eventid |       7660       1414

.                 eststo col5, add(noevents r(ndistinct))
(e(noevents) = 1414 added)

. eststo col6: /// future Tobin's Q
>         reghdfe f2tobinQ c.trust_sd##c.resqual ${firm} ${ceo} if ${eventsample}, ///
>         a(eventid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)
note: resqual is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)

HDFE Linear regression                            Number of obs   =     17,807
Absorbing 2 HDFE groups                           F(  12,     33) =      23.81
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5392
                                                  Adj R-squared   =     0.4723
                                                  Within R-sq.    =     0.0040
Number of clusters (mainethcode) =         34     Root MSE        =     2.3986

                                   (Std. err. adjusted for 34 clusters in mainethcode)
--------------------------------------------------------------------------------------
                     |               Robust
            f2tobinQ | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
            trust_sd |   .1672899   .0817485     2.05   0.049     .0009712    .3336085
             resqual |          0  (omitted)
                     |
c.trust_sd#c.resqual |   .0955802   .0615572     1.55   0.130     -.029659    .2208193
                     |
             firmage |  -.0477771   .0115783    -4.13   0.000    -.0713333    -.024221
            firmage2 |   .0008194    .000177     4.63   0.000     .0004594    .0011795
             ash_xrd |  -.2327586   .0360798    -6.45   0.000    -.3061634   -.1593537
              gender |  -.0108959   .0690876    -0.16   0.876    -.1514557    .1296639
                 age |  -.0289579   .0176963    -1.64   0.111    -.0649614    .0070455
                age2 |   .0002476   .0001692     1.46   0.153    -.0000967     .000592
              yrinco |  -.0021956   .0021618    -1.02   0.317    -.0065939    .0022026
                     |
           education |
                  2  |   .0254095   .1161539     0.22   0.828    -.2109074    .2617264
                  3  |  -.0095294    .069067    -0.14   0.891    -.1500472    .1309884
                  4  |  -.1156475   .0983208    -1.18   0.248    -.3156828    .0843877
                     |
               _cons |   2.711633   .5034431     5.39   0.000      1.68737    3.735896
--------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     eventid |      2235           0        2235     |
        year |        13           1          12     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct eventid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 eventid |      17807       2235

.                 eststo col6, add(noevents r(ndistinct))
(e(noevents) = 2235 added)

. 
. lab var f2logsale       "ln(sales)"

. lab var f2logemp        "ln(employment)"

. lab var f2logcapital    "ln(capital)"

. lab var f2TFP_KL        "TFP(KL)"

. lab var f2TFP_KLM       "TFP(KLM)"

. lab var f2tobinQ        "Tobin's Q"

. esttab /*using "Table A18_Effect on future performance_Panel A.tex"*/, ///
>         cells(b(star fmt(3)) se(par fmt(3))) starlevels(* 0.1 ** 0.05 *** 0.01) ///
>         collabels(none) label varwidth(33) modelwidth(12) ///
>         keep(trust_sd c.trust_sd#c.resqual) order(trust_sd c.trust_sd#c.resqual) ///
>         coeflab(trust_sd "CEO's trust" c.trust_sd#c.resqual "Trust $\times$ Researcher quality") ///
>         stats(FE controls N noevents, fmt(%9.0fc %9.0fc) ///
>                 lab("Event \& Year FEs" "Baseline controls" "Observations" "Events"))

---------------------------------------------------------------------------------------------------------------------------------
                                           (1)             (2)             (3)             (4)             (5)             (6)   
                                     ln(sales)    ln(employm~)     ln(capital)         TFP(KL)        TFP(KLM)       Tobin's Q   
---------------------------------------------------------------------------------------------------------------------------------
CEO's trust                             -0.036**        -0.035***       -0.024           0.004          -0.004           0.167** 
                                       (0.017)         (0.013)         (0.024)         (0.013)         (0.026)         (0.082)   
Trust $\times$ Researcher quality        0.045***        0.035***        0.001           0.013           0.032*          0.096   
                                       (0.014)         (0.010)         (0.013)         (0.011)         (0.017)         (0.062)   
---------------------------------------------------------------------------------------------------------------------------------
Event \& Year FEs                            X               X               X               X               X               X   
Baseline controls                            X               X               X               X               X               X   
Observations                            17,873          17,684          16,584          17,125           7,660          17,807   
Events                                   2,229           2,216           2,142           2,168           1,414           2,235   
---------------------------------------------------------------------------------------------------------------------------------

. 
. 
. * PANEL B:
. eststo clear 

. eststo col1: /// future sales
>         reghdfe f2logsale c.trust_sd#i.resqualpct ${firm} ${ceo} if ${eventsample}, ///
>         a(eventid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     17,873
Absorbing 2 HDFE groups                           F(  15,     33) =      43.64
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9649
                                                  Adj R-squared   =     0.9599
                                                  Within R-sq.    =     0.0312
Number of clusters (mainethcode) =         34     Root MSE        =     0.4905

                                    (Std. err. adjusted for 34 clusters in mainethcode)
---------------------------------------------------------------------------------------
                      |               Robust
            f2logsale | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------+----------------------------------------------------------------
resqualpct#c.trust_sd |
                   1  |  -.1394501    .043972    -3.17   0.003    -.2289119   -.0499884
                   2  |  -.1194342    .048658    -2.45   0.020    -.2184297   -.0204386
                   3  |   .0322635   .0587052     0.55   0.586    -.0871732    .1517002
                   4  |   .0523538   .0219499     2.39   0.023     .0076965    .0970111
                   5  |   .0309654   .0447526     0.69   0.494    -.0600846    .1220153
                      |
              firmage |  -.0369998   .0059633    -6.20   0.000    -.0491323   -.0248673
             firmage2 |  -.0004738    .000078    -6.07   0.000    -.0006326   -.0003151
              ash_xrd |   .1259326   .0268779     4.69   0.000      .071249    .1806162
               gender |   .0135293   .0499358     0.27   0.788    -.0880658    .1151244
                  age |   .0215694   .0098799     2.18   0.036     .0014685    .0416702
                 age2 |   -.000201    .000086    -2.34   0.026     -.000376   -.0000261
               yrinco |  -.0000954   .0009033    -0.11   0.917    -.0019332    .0017424
                      |
            education |
                   2  |   .0053262   .0661067     0.08   0.936     -.129169    .1398214
                   3  |  -.0235134   .0696901    -0.34   0.738    -.1652989    .1182721
                   4  |   .0838728   .0606488     1.38   0.176    -.0395182    .2072637
                      |
                _cons |   6.632413    .285676    23.22   0.000     6.051201    7.213625
---------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     eventid |      2229           0        2229     |
        year |        13           1          12     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct eventid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 eventid |      17873       2229

.                 eststo col1, add(noevents r(ndistinct)) 
(e(noevents) = 2229 added)

. eststo col2: /// future employment
>         reghdfe f2logemp c.trust_sd#i.resqualpct ${firm} ${ceo} if ${eventsample}, ///
>         a(eventid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     17,684
Absorbing 2 HDFE groups                           F(  15,     33) =      29.76
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9760
                                                  Adj R-squared   =     0.9725
                                                  Within R-sq.    =     0.0335
Number of clusters (mainethcode) =         34     Root MSE        =     0.3753

                                    (Std. err. adjusted for 34 clusters in mainethcode)
---------------------------------------------------------------------------------------
                      |               Robust
             f2logemp | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------+----------------------------------------------------------------
resqualpct#c.trust_sd |
                   1  |   -.152121   .0351136    -4.33   0.000    -.2235601   -.0806818
                   2  |  -.0585385   .0356382    -1.64   0.110     -.131045     .013968
                   3  |  -.0084709   .0352169    -0.24   0.811    -.0801202    .0631784
                   4  |   .0751481    .025504     2.95   0.006     .0232599    .1270364
                   5  |   .0026256   .0273325     0.10   0.924    -.0529828    .0582339
                      |
              firmage |  -.0231059   .0052247    -4.42   0.000    -.0337357   -.0124761
             firmage2 |  -.0004162   .0000687    -6.06   0.000     -.000556   -.0002764
              ash_xrd |   .0845397   .0241255     3.50   0.001      .035456    .1336235
               gender |  -.0739687   .0374612    -1.97   0.057    -.1501841    .0022467
                  age |    .019361   .0057218     3.38   0.002       .00772    .0310021
                 age2 |  -.0001931   .0000519    -3.72   0.001    -.0002986   -.0000875
               yrinco |   .0010488   .0007518     1.40   0.172    -.0004808    .0025783
                      |
            education |
                   2  |  -.0040621   .0600308    -0.07   0.946    -.1261957    .1180715
                   3  |   -.021283   .0566267    -0.38   0.709    -.1364909     .093925
                   4  |   .0576787   .0588103     0.98   0.334    -.0619718    .1773292
                      |
                _cons |    .971434   .2573721     3.77   0.001     .4478066    1.495061
---------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     eventid |      2216           0        2216     |
        year |        13           1          12     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct eventid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 eventid |      17684       2216

.                 eststo col2, add(noevents r(ndistinct)) 
(e(noevents) = 2216 added)

. eststo col3: /// future capital
>         reghdfe f2logcapital c.trust_sd#i.resqualpct ${firm} ${ceo} if ${eventsample}, ///
>         a(eventid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     16,584
Absorbing 2 HDFE groups                           F(  15,     33) =      39.77
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9703
                                                  Adj R-squared   =     0.9658
                                                  Within R-sq.    =     0.0128
Number of clusters (mainethcode) =         34     Root MSE        =     0.5165

                                    (Std. err. adjusted for 34 clusters in mainethcode)
---------------------------------------------------------------------------------------
                      |               Robust
         f2logcapital | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------+----------------------------------------------------------------
resqualpct#c.trust_sd |
                   1  |  -.0624039   .0495596    -1.26   0.217    -.1632336    .0384258
                   2  |  -.0801763   .0331188    -2.42   0.021    -.1475569   -.0127956
                   3  |   .0007769   .0492574     0.02   0.988    -.0994379    .1009918
                   4  |   .1056421   .0473209     2.23   0.032      .009367    .2019172
                   5  |  -.0534275    .047508    -1.12   0.269    -.1500831    .0432282
                      |
              firmage |  -.0478843    .014682    -3.26   0.003    -.0777551   -.0180134
             firmage2 |  -.0001292   .0000845    -1.53   0.136     -.000301    .0000426
              ash_xrd |   .0917707   .0193492     4.74   0.000     .0524045    .1311368
               gender |  -.0160201   .0506408    -0.32   0.754    -.1190495    .0870093
                  age |   .0050823   .0133745     0.38   0.706    -.0221283    .0322928
                 age2 |  -.0000473   .0001199    -0.39   0.696    -.0002912    .0001967
               yrinco |   .0002116    .001185     0.18   0.859    -.0021993    .0026226
                      |
            education |
                   2  |   .0963193   .0938545     1.03   0.312    -.0946291    .2872678
                   3  |   .0868983   .1006161     0.86   0.394    -.1178067    .2916034
                   4  |   .1765383    .094776     1.86   0.071     -.016285    .3693616
                      |
                _cons |   5.680206   .4682774    12.13   0.000     4.727489    6.632924
---------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     eventid |      2142           0        2142     |
        year |        13           1          12     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct eventid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 eventid |      16584       2142

.                 eststo col3, add(noevents r(ndistinct))
(e(noevents) = 2142 added)

. eststo col4: /// future TFP (computed from K, L)
>         reghdfe f2TFP_KL c.trust_sd#i.resqualpct ${firm} ${ceo} if ${eventsample}, ///
>         a(eventid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     17,125
Absorbing 2 HDFE groups                           F(  15,     33) =       8.90
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7698
                                                  Adj R-squared   =     0.7359
                                                  Within R-sq.    =     0.0029
Number of clusters (mainethcode) =         34     Root MSE        =     0.3720

                                    (Std. err. adjusted for 34 clusters in mainethcode)
---------------------------------------------------------------------------------------
                      |               Robust
             f2TFP_KL | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------+----------------------------------------------------------------
resqualpct#c.trust_sd |
                   1  |   .0132276   .0393681     0.34   0.739    -.0668673    .0933226
                   2  |  -.0493692   .0324756    -1.52   0.138    -.1154412    .0167029
                   3  |    .028667   .0588157     0.49   0.629    -.0909945    .1483286
                   4  |  -.0198151   .0289829    -0.68   0.499    -.0787813    .0391512
                   5  |   .0480355   .0268457     1.79   0.083    -.0065826    .1026536
                      |
              firmage |   .0007213    .007965     0.09   0.928    -.0154835    .0169262
             firmage2 |  -.0000729   .0000306    -2.38   0.023    -.0001352   -.0000106
              ash_xrd |   .0271114   .0121937     2.22   0.033     .0023031    .0519196
               gender |   .0062956   .0210706     0.30   0.767    -.0365729    .0491641
                  age |   .0090555   .0087144     1.04   0.306     -.008674    .0267851
                 age2 |  -.0000779   .0000768    -1.01   0.318    -.0002343    .0000784
               yrinco |  -.0009131   .0006119    -1.49   0.145     -.002158    .0003319
                      |
            education |
                   2  |    -.01895   .0162546    -1.17   0.252    -.0520202    .0141202
                   3  |  -.0395117   .0225916    -1.75   0.090    -.0854746    .0064512
                   4  |   -.002388   .0230047    -0.10   0.918    -.0491913    .0444154
                      |
                _cons |  -.1187698    .331181    -0.36   0.722    -.7925627     .555023
---------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     eventid |      2168           0        2168     |
        year |        13           1          12     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct eventid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 eventid |      17125       2168

.                 eststo col4, add(noevents r(ndistinct))
(e(noevents) = 2168 added)

. eststo col5: /// future TFP (computed from K, L, M)
>         reghdfe f2TFP_KLM c.trust_sd#i.resqualpct ${firm} ${ceo} if ${eventsample}, ///
>         a(eventid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 8 iterations)

HDFE Linear regression                            Number of obs   =      7,660
Absorbing 2 HDFE groups                           F(  15,     31) =      14.06
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7341
                                                  Adj R-squared   =     0.6725
                                                  Within R-sq.    =     0.0084
Number of clusters (mainethcode) =         32     Root MSE        =     0.3998

                                    (Std. err. adjusted for 32 clusters in mainethcode)
---------------------------------------------------------------------------------------
                      |               Robust
            f2TFP_KLM | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------+----------------------------------------------------------------
resqualpct#c.trust_sd |
                   1  |  -.0121154   .0392872    -0.31   0.760    -.0922421    .0680113
                   2  |  -.0813542   .0520056    -1.56   0.128    -.1874204     .024712
                   3  |  -.0037868   .1035676    -0.04   0.971    -.2150144    .2074408
                   4  |  -.0316038   .0505328    -0.63   0.536    -.1346662    .0714585
                   5  |   .1105254   .0410172     2.69   0.011     .0268702    .1941806
                      |
              firmage |   .0116645   .0204959     0.57   0.573    -.0301372    .0534662
             firmage2 |   .0000653   .0000859     0.76   0.453    -.0001099    .0002405
              ash_xrd |   .0588917   .0202128     2.91   0.007     .0176675     .100116
               gender |  -.0050629   .0348523    -0.15   0.885    -.0761447    .0660189
                  age |   .0164803   .0092817     1.78   0.086    -.0024499    .0354104
                 age2 |  -.0001248   .0000787    -1.59   0.123    -.0002854    .0000357
               yrinco |  -.0017398   .0010189    -1.71   0.098    -.0038179    .0003383
                      |
            education |
                   2  |  -.0040293   .0214517    -0.19   0.852    -.0477804    .0397218
                   3  |  -.0416506    .024545    -1.70   0.100    -.0917104    .0084092
                   4  |   .0048243    .030635     0.16   0.876    -.0576562    .0673048
                      |
                _cons |  -.7934266   .5938773    -1.34   0.191    -2.004647     .417794
---------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     eventid |      1414           0        1414     |
        year |        13           1          12     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct eventid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 eventid |       7660       1414

.                 eststo col5, add(noevents r(ndistinct))
(e(noevents) = 1414 added)

. eststo col6: /// future Tobin's Q
>         reghdfe f2tobinQ c.trust_sd#i.resqualpct ${firm} ${ceo} if ${eventsample}, ///
>         a(eventid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     17,807
Absorbing 2 HDFE groups                           F(  15,     33) =      21.33
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5394
                                                  Adj R-squared   =     0.4724
                                                  Within R-sq.    =     0.0043
Number of clusters (mainethcode) =         34     Root MSE        =     2.3984

                                    (Std. err. adjusted for 34 clusters in mainethcode)
---------------------------------------------------------------------------------------
                      |               Robust
             f2tobinQ | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------+----------------------------------------------------------------
resqualpct#c.trust_sd |
                   1  |   .0581476   .0733826     0.79   0.434    -.0911504    .2074456
                   2  |  -.0091035   .0746271    -0.12   0.904    -.1609334    .1427264
                   3  |   .0655172   .1668086     0.39   0.697    -.2738575     .404892
                   4  |   .1282156   .1613826     0.79   0.433    -.2001199     .456551
                   5  |   .5366424   .3438376     1.56   0.128    -.1629004    1.236185
                      |
              firmage |  -.0470197   .0113151    -4.16   0.000    -.0700405   -.0239989
             firmage2 |   .0008202   .0001782     4.60   0.000     .0004578    .0011827
              ash_xrd |  -.2331169   .0359408    -6.49   0.000    -.3062389   -.1599949
               gender |   -.012099    .073175    -0.17   0.870    -.1609747    .1367767
                  age |  -.0296399   .0189029    -1.57   0.126    -.0680981    .0088183
                 age2 |   .0002531   .0001828     1.38   0.175    -.0001188    .0006249
               yrinco |  -.0024957   .0023452    -1.06   0.295     -.007267    .0022757
                      |
            education |
                   2  |    .022962   .1140201     0.20   0.842    -.2090135    .2549376
                   3  |  -.0138728   .0680425    -0.20   0.840    -.1523063    .1245608
                   4  |  -.1114207   .0985299    -1.13   0.266    -.3118812    .0890399
                      |
                _cons |   2.768757   .4765745     5.81   0.000     1.799159    3.738355
---------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     eventid |      2235           0        2235     |
        year |        13           1          12     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct eventid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 eventid |      17807       2235

.                 eststo col6, add(noevents r(ndistinct))
(e(noevents) = 2235 added)

. 
. lab var f2logsale       "ln(sales)"

. lab var f2logemp        "ln(employment)"

. lab var f2logcapital    "ln(capital)"

. lab var f2TFP_KL        "TFP(KL)"

. lab var f2TFP_KLM       "TFP(KLM)"

. lab var f2tobinQ        "Tobin's Q"

. global coeflist = "1.resqualpct#c.trust_sd 2.resqualpct#c.trust_sd 3.resqualpct#c.trust_sd 4.resqualpct#c.trust_sd 5.resqualpct#c.trust_sd"

. esttab /*using "Table A18_Effet on future performance_Panel B.tex"*/, ///
>         cells(b(star fmt(3)) se(par fmt(3))) starlevels(* 0.1 ** 0.05 *** 0.01) ///
>         collabels(none) label varwidth(32) modelwidth(12) ///
>         keep(${coeflist}) order(${coeflist}) ///
>         coeflab(1.resqualpct#c.trust_sd "Trust $\times$ Quality quintile 1" ///
>                         2.resqualpct#c.trust_sd "Trust $\times$ Quality quintile 2" ///
>                         3.resqualpct#c.trust_sd "Trust $\times$ Quality quintile 3" ///
>                         4.resqualpct#c.trust_sd "Trust $\times$ Quality quintile 4" ///
>                         5.resqualpct#c.trust_sd "Trust $\times$ Quality quintile 5") ///
>         stats(FE controls N noevents, fmt(%9.0fc %9.0fc) ///
>                 lab("Event \& Year FEs" "Baseline controls" "Observations" "Events"))

--------------------------------------------------------------------------------------------------------------------------------
                                          (1)             (2)             (3)             (4)             (5)             (6)   
                                    ln(sales)    ln(employm~)     ln(capital)         TFP(KL)        TFP(KLM)       Tobin's Q   
--------------------------------------------------------------------------------------------------------------------------------
Trust $\times$ Quality quintile        -0.139***       -0.152***       -0.062           0.013          -0.012           0.058   
                                      (0.044)         (0.035)         (0.050)         (0.039)         (0.039)         (0.073)   
Trust $\times$ Quality quintile        -0.119**        -0.059          -0.080**        -0.049          -0.081          -0.009   
                                      (0.049)         (0.036)         (0.033)         (0.032)         (0.052)         (0.075)   
Trust $\times$ Quality quintile         0.032          -0.008           0.001           0.029          -0.004           0.066   
                                      (0.059)         (0.035)         (0.049)         (0.059)         (0.104)         (0.167)   
Trust $\times$ Quality quintile         0.052**         0.075***        0.106**        -0.020          -0.032           0.128   
                                      (0.022)         (0.026)         (0.047)         (0.029)         (0.051)         (0.161)   
Trust $\times$ Quality quintile         0.031           0.003          -0.053           0.048*          0.111**         0.537   
                                      (0.045)         (0.027)         (0.048)         (0.027)         (0.041)         (0.344)   
--------------------------------------------------------------------------------------------------------------------------------
Event \& Year FEs                           X               X               X               X               X               X   
Baseline controls                           X               X               X               X               X               X   
Observations                           17,873          17,684          16,584          17,125           7,660          17,807   
Events                                  2,229           2,216           2,142           2,168           1,414           2,235   
--------------------------------------------------------------------------------------------------------------------------------

. 
. cap log close
